Payments Technology Strategy

What is it and why should you care?

There are big opportunities for enhanced payments innovation and lower-cost services due to developments including growth of real-time payments volumes, new data standards, cloud provision, and API-connectivity.

A technology strategy plays a vital role in supporting payments transformation by enabling the bank to cut costs by factors not percentages, build new ways to differentiate and generate revenue in payments, and achieve greater resilience in light of increased risk and regulatory scrutiny. Payments processing needs to transform for much greater volumes, growth of real-time and always-on services, and a changing business model where value from differentiators is decoupled from low margin payments execution.


What do you need to do?

Banks need to set out up-to-date progressive payments technology strategies that harness these new capabilities in processing systems and payments data. This will deliver stronger customer propositions, lower-cost operations, and more robust compliance

A strong payments technology strategy will achieve a clear target architecture and roadmap, guardrails, architecture transition states, a payments data startegy, and target operating model, aligned to tangible business benefits.

How can Icon help you?

  • Icon colleagues have the expertise, experience, tools and extensive track record in delivering payments technology strategy engagement for banking/ PSP clients. 
  • We use a standard but adaptable framework and suite of tools to quickly understand business drivers and an as-is assessment, moving to a pragmatic, value-based strategy and roadmap in a short, focused project. We develop tailored recommendations for a target architecture and transition states. Our tools and accelerators, including our Payments Reference Architecture and Payments Blueprint, are a fundamental part of our engagement.
  • Our downstream experience in delivering practical payments solutions, including our IPF platform, brings a strong pragmatism to our payment strategy roadmaps

CASE STUDY

Defining a payments technology strategy and roadmap to inform migration to ISO 20022

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CASE STUDY

Helping a Tier 1 UK bank enhance and scale its payments and customer data platforms

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CASE STUDY

Designing a technology strategy roadmap for payments and cards


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News

Icon Solutions Publishes 2023-24 Annual Report

Icon Solutions has published its 2023-24 Annual Report, demonstrating how new strategic partnerships, product and service innovations, and an ongoing commitment to its people and customers have provided a foundation for the next phase of global growth.

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